TY - JOUR AU - van AARLE, Bas AU - SOSOIAN, Robert PY - 2010/05/31 Y2 - 2024/03/29 TI - Macroeconomic Adjustment in Armenia: The Role of External Factors JF - Eurasian Journal of Business and Economics JA - EJBE VL - 3 IS - 5 SE - DO - UR - https://ejbe.org/index.php/EJBE/article/view/31 SP - 51-75 AB - <p>This paper develops a small macroeconomic model of the Armenian economy. After setting up the model and its estimation, a number of macroeconomic scenarios is analyzed in the form of out-of-sample simulations. We analyze the transmissions in the model of a number of macroeconomic shocks and policy scenarios to obtain a better understanding of their possible effects on the internal and external balance of the Armenian economy. A special focus is put on the role of exchange rate and monetary management and the inflow of remittances in the Armenian economy.</p> ER -